Mintent

Case Study

Mintent’s Full-Service Back-Office Support

 

Mintent is an innovative content marketing software company that allows brands to keep track of their campaign assets, team members and deadlines—all in one easy place.

Mintent allows their clients to work smarter and faster by changing how they work, just like Enkel does. You could say we’d found the perfect partners.

The Need

New CEO Matt Dion came to us with a vision for improving efficiencies within his accounting department. His goal was to reduce overhead costs, while finding a more efficient way to generate meaningful financial information.

How Enkel Helped

With Matt’s challenges in mind, we worked together to redesign Mintent’s back-office processes, and then refined them over the course of a few month to ensure that the processes made sense for the business.

Luckily, Mintent was already set up on Xero’s cloud-based accounting software. Xero allows us to work collaboratively with the Mintent team, while easily and accurately accessing their financial data from anywhere. We also took over Mintent’s bi-weekly payroll processes.

Day-to-Day Bookkeeping

Using a centralized accounting system, we manage all accounts payable transactions via Xero.

Matt sends us his transaction details weekly so that we can reconcile the bank accounts and make sure that accounts payable is up to date.

Payroll

We set up standardized onboarding and offboarding processes for employees, making payroll quick and easy. Managing all data entry, T4s and ROEs via Rise payroll software, Matt is able to be completely hands-off when it comes to payroll.

Next, we streamlined Mintent’s internal expense reporting processes, reimbursing business expenses through payroll.

Vendor Payments and Cash Flow

We set Mintent up with a Plooto account to safely and securely manage all of their vendor payments. Plooto eliminates the need for cheques and saves businesses money on wire transfer fees.

With bi-weekly calls, Matt and his team are able to run any questions they have by us.

Key Challenges

Process Compliance

Getting all stakeholders involved and on-board with new processes is always a challenge.

As the Mintent management team began to see how our new vacation reporting and payroll change systems were faster and easier, good habits started to develop.

Knowledge Transfer

With significant turnover just prior to us starting, there were knowledge gaps that required further investigation.

With dedicated involvement from an Enkel accounting manager during the onboarding phase, we were able to efficiently transition knowledge between our two teams.

Cash Flow Planning

Mintent’s financial statements follow Generally Accepted Accounting Principles (GAAP), which recognizes revenue on a straight line basis.

Given that cash is often collected at the inception of a contract, it was necessary to maintain a separate cash flow plan outside of their core accounting system.

The Result

Mintent is now operating without an in-house accounting team, relying on Enkel exclusively for all of its bookkeeping. While we were in the process of setting up Mintent’s bookkeeping processes, we were also able to assist them in stick-handling their financial statement audit, dealing directly with their auditors and pulling various records as required.

Mintent’s accounting costs were reduced by more than half.

“Enkel helped me improve efficiency and reduce cost in our accounting department by more than half! The team keeps a close eye on our books and gives me up-to-date financial statements. They’ve helped us to modernize our accounting department, save money, and make smarter, more cost-effective business decisions.”